Solopreneurship - Is Going Solo The Right Path For You

Being self-employed is not new. Being a solo entrepreneur is also not new, though the term “solopreneur” might be a term that you have not heard before. A solopreneur is an entrepreneur running a business without the assistance of any partners or others. Many professionals, including doctors, lawyers, and accounting professionals have their own businesses which they run independently. Though many businesses begin this way, as business grows, they often find the need to add employees. When starting your own company, it’s necessary to ask yourself if being a solopreneur a viable option for you and your business.

There are benefits to being the sole employee of a business, such as:

  • Flexibility - You have more flexibility in setting your hours or taking time off. You also have the ability to change any company policies necessary to accommodate the inevitable changes that you will encounter.

  • Management - Being your own boss means that the only person you need to report to is, well, you. That statement isn’t completely true, as you still are responsible to report taxes and the like. You have the final say in matters that pertain to your company - getting approval from others is unnecessary.

  • Financial - As your only employee, you aren’t distributing earnings to others. The financial advantages of being a solopreneur include more than just payroll. Along with fewer employees, you also have less costs, such as taxes or insurance.

With benefits come disadvantages, including:

  • Flexibility - Though you may be able to set your hours, you are also the only one available to assist your customers. You need to be available to those customers even at times when you would rather not be, such as while on a vacation or while spending time with your family.

  • The buck stops here - Any issues or problems, whether minor or major, fall on your shoulders. No employees mean no one is around for you to pass the responsibility to. Be prepared to face any consequences or repercussions of your actions. These situations can have positive results but, at times, results may have a negative impact.

  • Work never ends - With no employees to delegate work to, you are solely responsible to get everything done. This may result in changes to your personal and social life, including the line between your business and your personal life merging into one.

You must determine which business model, entrepreneurship or solopreneurship, is best for you. Whether you opt for solopreneur or entrepreneurship, you have the advantage that you can change your business model at a later date. Though you may start a business on your own, no one can prevent you from adding on team members as the need presents itself.

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